Firm chiefs ‘stole $600m and spent it like lottery winners’

THE former Tyco International executives accused of pilfering company funds for lavish homes and decadent parties spent the money like lottery winners, but they “didn’t win the jackpot, they stole it” a prosecutor said yesterday.

In opening arguments at the trial of L Dennis Kozlowski, the former Tyco chief executive officer, and Mark Swartz, the company's ex-chief financial officer, prosecutor Kenneth Chalifoux said the men stole $600 million from company bank accounts and lied about their actions.

"These defendants were trusted with the assets of their company, and they abused that trust," Mr Chalifoux said.